Filing Flows › Liquidia (LQDA) › Q1 2026 › vs Q1 2025
Liquidia (LQDA) Q1 2026 vs Q1 2025 (year over year)
Liquidia's revenue rose $130M (43×) from $3.1M in Q1 2025 to $133M in Q1 2026. The biggest changes: Service revenue, net −$136K (-4%).
Liquidia, Q1 2026: revenue $133M (43× year over year), operating margin 46.3%, net earnings $52.9M, operating cash flow $53.0M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 37.8% | -993.9% | +1031.6 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Service revenue, net | $3.0M | $3.1M | −$136K | -4% |
| Revenue | $133M | $3.1M | $130M | 43× |
| Operating profit | $61.5M | −$35.4M | $96.9M | — |
| Costs & expenses | $71.4M | $38.5M | $32.8M | +85% |
| Pre-tax earnings | $56.8M | −$38.4M | $95.1M | — |
| Other expense, net | $4.7M | $2.9M | $1.8M | +61% |
| Research & development | $12.6M | $7.0M | $5.6M | +80% |
| SG&A | $46.9M | $30.1M | $16.9M | +56% |
| Net earnings | $52.9M | −$38.4M | $91.2M | — |
| Income tax | $3.9M | $0 | $3.9M | — |
| Depreciation & amortization | $497K | $451K | $46K | +10% |
| Share-based compensation | $9.2M | $7.4M | $1.8M | +24% |
| Working capital & other | $9.6M | $201K | $9.4M | 48× |
| Operating cash flow | $53.0M | −$30.7M | $83.7M | — |
| Free cash flow (OCF − capex) | $50.2M | −$31.0M | $81.2M | — |
| Capital expenditures | $2.8M | $330K | $2.5M | +758% |
Questions
How much did Liquidia's revenue grow year over year in Q1 2026?
Liquidia's revenue rose $130M (43×) from $3.1M in Q1 2025 to $133M in Q1 2026.
What drove Liquidia's revenue change in Q1 2026?
Service revenue, net −$136K (-4%).